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WB to provide BD $100m loan for improving college education

Published: 8 September 2016, 01:06 PM
WB to provide BD $100m loan for improving college education

World Bank (WB) will give Bangladesh US$ 100 million as loan to improve education and management at the National University-affiliated colleges.

Bangladesh and WB on Thursday signed an agreement to this end.

Economic Relations Division (ERD) Additional Secretary Kazi Shofiqul Azam and Zahid Hussain, acting WB country director for Bangladesh signed the College Education Development Project agreement, reports BSS.

The project will provide more than 100 competitive grants to participating colleges to improve their teaching and learning quality by introducing improved Internet connectivity, developing market-relevant soft skills of the students, and linking them with employers.

The project also aims to strengthen the strategic planning and management capacity of the colleges.

‘Every year 2.1 million youths enter the job market in Bangladesh and creating more and better jobs is the top development priority for the country. A skilled and competent youth workforce will help Bangladesh attaining middle-income country status by 2021,’ said Zahid Hussain.

‘The College Education Development Project will help create better employability of the youths entering the workforce,’ he added.

The project will help fill 2,700 vacant teaching positions at the government colleges. It will promote teachers’ development and provide training to around 8,000 college teachers and managers through establishing a training consortium with national training agencies and the University of Nottingham in Britain.

‘For sustaining Bangladesh’s progress in reducing poverty and accelerating economic growth, there is a strong demand for college graduates with job-specific technical skills,’ said Kazi Shofiqul Azam.

‘It will help achieve the country’s quest of reaching middle-income status by 2021,’ he added.

The credits from the WB’s International Development Association, its grant to low-interest loan arm, have a 38-year term, including a six-year grace period, and a service charge of 0.75 per cent.